China Publishes 197 Endorsed Blockchain Firms List

China Publishes 197 Endorsed Blockchain Firms List
April 4, 2019

 

The cryptocurrency market continues to stay range bound with mild bullish bias. Bitcoin (BTC) is an exception winner in the past ten days. Having crossed $4,100 levels firmly, Bitcoin (BTC) broke above $5,000 yesterday. There were two main reasons given for the sharp upswing. Firstly, historically, Bitcoin turns bullish a year before halving of mining rewards. The next halving is expected between May and August 2020.  Secondly, the Reuters report indicates that a big whale has bought $100 million worth Bitcoin in the past few days. The order was spread across multiple exchanges and managed algorithmically. These two events have turned Bitcoin (BTC) extremely bullish.

Obviously, other altcoins were pulled up by Bitcoin’s phenomenal rise. In the past week, Ethereum (ETH) has gained 16% to trade at $161.58. Likewise, Ripple (XRP) has gained 11% to trade at $0.3435. Other altcoins have recorded impressive gains as well. This includes EOS (EOS-$5.23, 21%), Bitcoin Cash (BCH-$307.08, 77%), Litecoin (LTC-$86.62, 41%), Cardano (ADA-$0.0904, 35%), Stellar (XLM-$0.1223, 14%), TRON (TRX-$0.026, 12%) and IOTA (MIOTA-$0.3436, 12%).

 

Government level initiatives

China’s cyberspace admin regulates blockchain firms

The first list of registered blockchain related service providers published by China’s cyberspace administration included 197 firms. This includes firms such as Alibaba Cloud Blockchain-as-a-Service (BaaS), Baidu Blockchain Engine, BaaS platform owned by e-commerce giant JD.com and Tencent BaaS (TBaaS).

Additionally, financial firms such as Ping An Insurance Company and China Zheshang Bank have also received a place on the list. Other prominent firms in the list include VeChain, a blockchain based logistics management service, and ParcelX, a parcel delivery service.

The document also cautions that no individual or entity is allowed to utilize blockchain for any business objective.

Regarding registration, the Chinese cyberspace administration said: “relevant institutions and individuals who have not fulfilled the filing procedures should apply for filing as soon as possible.”

 

State Bank of Pakistan to launch a cryptocurrency by 2025

Pakistan’s central bank, the State Bank of Pakistan (SBP), has revealed its intention to launch a cryptocurrency by 2025. The information was disclosed by Jameel Ahmad, the deputy governor of the State Bank of Pakistan (SBP). Furthermore, Pakistan’s finance minister, Asad Umar reaffirmed the deputy governor’s announcement while speaking at a function celebrating the introduction of Electronic Money Institutions (EMIs).

Umar suggested the State Bank of Pakistan and the federal investigation agency make sure that the unique setup will offer cybersecurity. The finance minister also pointed out that a single unwarranted incident could result in irreversible damage to the confidence in the overall banking network.

Furthermore, the deputy governor also revealed that the financial institution is working on releasing a model of its central bank digital currency (CBDC) by 2025.

The primary intention is to improve efficiency and fight corruption. The deployment of CBDC is anticipated to take place by 2030.

 

Private sector initiatives

Laatu and Tubex Pro launched by Bühler

On April 1st, Bühler, a Swiss food technology company, launched two tools that cater to food safety at the Hannover Messe industrial event in Germany. Notably, the tools launched at the Microsoft booth are blockchain ready. One of those tools, named Laatu, intends to minimize dry goods contamination. The other one, dubbed Tubex Pro, is a scale system that leverages itself and generates a continuous flow of data related to production.

Furthermore, both tools are linked to the company’s Insights Internet of Things service, which is deployed on Azure, the cloud platform of Microsoft. Bühler Group, a multinational corporation, was established in 1860 and have operations in 140 countries. In 2018, the firm had annual revenue of about 3.3 billion Swiss francs ($3.3 billion).

Bühler has stated that Laatu can kill more than 99.999% of salmonella while preserving the nutritional value and also the quality of food by applying low-energy electrons on dry foods. The method, which only lasts a few milliseconds, is also supposedly effective on E.Coli spores. The press release states: “with a potential link to the blockchain, it [Laatu] is capable of providing an accurate and secure audit trail for food producers and all players in the supply chain.”

Tubex Pro capitalizes on its measuring algorithm and passes information to the Bühler Insights platform instantaneously.

Data produced by both systems can be linked to a blockchain to offer a transparent, fool-proof, and safe audit trail for all parties involved in a supply chain.

 

Jamaica Stock Exchange to buy and sell Bitcoin and Ethereum in a trial run

A limited pilot to buy and sell Bitcoin (BTC) and Ethereum (ETH) will soon be carried out by the Jamaica Stock Exchange (JSE). The JSE has entered into a bilateral master contract with Blockstation, a Canadian fintech firm, to keep developing tools related to cryptocurrency trading and security.

The JSE and Blockstation will carry on with the job of building a secure and monitored ecosystem for buying and selling cryptocurrencies following a successful live trading trial in late January 2019. A limited trial to buy and sell Bitcoin and Ethereum via the JSE and partaking broker-dealers will be debuted shortly.

In August of 2018, the JSE initially revealed that they had selected Blockstation as an associate to introduce trading of cryptos and tokens in stock exchanges.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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